Bitcoin ETFs Experience $287M Outflow -Largest in Four Months
Bitcoin ETFs in the United States experienced a massive outflow of $287.8 million on Tuesday, the highest one-day outflow in four months. The drop in investor confidence coincides with disappointing U.S. manufacturing statistics and a broader market sell-off, notably in tech equities such as Nvidia (NVDA), raising fears about economic growth.
U.S. Bitcoin ETFs Suffer Major Outflows
The 11 spot Bitcoin exchange-traded funds (ETFs) listed in the United States experienced a combined net outflow of $287.8 million, the largest since May 1, when more than $500 million was withdrawn. This significant decrease reflects the market’s current cautious stance.
Fidelity’s FBTC led the ETF pack with $162.3 million in withdrawals, followed by Grayscale’s GBTC, which witnessed a $50.4 million outflow. BITB and ARK also contributed significantly to the outflows, with losses of $25 million and $33.6 million, respectively. Notably, BlackRock’s IBIT reported zero inflows for the second straight trading day, indicating a potential lull in investor interest.
Read more: Bitcoin Rally to Resume With Rate Cuts – Three Crypto-Centric Stocks
Bitcoin Price Reacts to Market Turmoil
Bitcoin’s price fell more than 2.7% to $57,500 on Tuesday, reversing the gains gained on Monday. This decline was worsened by the announcement of the US ISM manufacturing PMI, which went below 50, indicating that manufacturing activity continued to contract in August. The dismal statistics fueled fears of a larger economic downturn, prompting a sell-off in risk assets, including cryptocurrency.
“A miss in the manufacturing PMI rehashed fears of an economic slowdown, with Nvidia leading the sell-off, losing 9.54%,” Paradigm, a crypto OTC liquidity network, said in a Telegram broadcast.
As of the most recent update, Bitcoin was trading at $56,500, extending its overnight losses. S&P 500 futures were also down 0.4%, reflecting the market’s overall risk-off mood.
Want To Trade? Sign up and receive $25USDT Bonus
FAQs
The substantial outflows were caused by a combination of poor US manufacturing statistics, which increased fears about economic growth, and a broader market sell-off, notably in tech firms such as Nvidia.
Fidelity’s FBTC was the hardest hit, with withdrawals totaling $162.3 million. Grayscale’s GBTC and other ETFs, such as BITB and ARK, also saw significant outflows.
Bitcoin’s price fell by more than 2.7%, while larger market indices such as the S&P 500 futures moved lower, indicating investors’ cautious sentiment.
This article provides a comprehensive overview of the recent outflows in Bitcoin ETFs and the broader market factors influencing investor behavior. Stay tuned for further updates as the market reacts to ongoing economic developments.
For More Crypto News Visit Made For Bitcoin
Follow US
Welcome to your daily source for the latest cryptocurrency news, Binance insights, and more! Explore the most recent advancements on blockchain technology, NFTs, trading methods, and more. Your contribution fuels our objective of delivering relevant, interesting material to your feed every day.
